We're neutral temporarily | 04 Juni 2021

04 Juni 2021, USD/JPY

We're neutral temporarily

Technical observation

USD is trading with an increasing bullish bias between a supportive zone 104.74-104.22 and a resistance level 114.15, I expect this upwards movement to continue to the resistance level I have mentioned above followed by a clear breakout above it with a big green candle. If you are currently neutral with this pair, remain so and wait for a clear breakout above the level 114.15 and a correction to it to buy USD with your take profit at 125.70. However, if price rally downwards and is rejected within the zone 104.74-104.22, buy USD within the zone with your take profit at 114.15. On the chart above, I can only recommend short positions below 104.74-104.22.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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